Some industries are missing out on a critical growth opportunity by overlooking the purchasing power of Hispanic women.
Guests gathered downtown at the JW Marriott Marquis Thursday morning to watch a presentation of “Latina Power Shift,” a new report by the Nielsen Company.
Hispanic income is on the rise, the report says. Twenty-one percent of households earn $75,000 or more yearly, which corresponds with a drop in incomes below $25,000.
“The Hispanic population spends $1.2 trillion annually. In a survey that we conducted, 86 percent of respondents said that Latinas control household spending. So Latinas dominate the lion share of that $1.2 trillion,” said Monica Gil, Nielsen’s senior vice president of public affairs and government relations.
Nestled in those trillions, Hispanic women are spending money on fashion footwear faster than their population is growing, said Marshal Cohen, industry analyst with the NPD Group, Inc. “That’s an early indicator that footwear is moving forward, and the industry isn’t looking at that well enough,” he said.
Retailers and manufacturers must focus on Hispanic markets to understand what is driving the growth, Cohen said. READ MORE